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RRSP Deadline Poll: One-third of eligible Canadians still planning an RRSP contribution with time running out
TORONTO, Feb. 25, 2013, 2013 (Canada NewsWire via COMTEX) --
With the deadline looming on March 1, more Canadians say they will be
contributing at the last minute this year
A new CIBC (CM: TSX; NYSE) Poll conducted
by Harris/Decima reveals nearly one-third of eligible Canadians (32 per cent) say they still have to make an RRSP contribution for the 2012 tax year
before the deadline on March 1, 2013. The poll, which concluded just
last week, also revealed that among those Canadians still planning to
make a contribution before the deadline, more than half say they are
going to put it off until the last 48 hours.
Highlights of the poll, which concluded on February 18(th), include:
-- 32 per cent of Canadians say they still have to make a
contribution toward their RRSP, an increase compared to 25 per
cent of eligible Canadians at the same time last year
-- Among those that say they still need to make a contribution
this week, 13 per cent haven't made any RRSP contributions for
the 2012 tax year yet, while the other 19 per cent say they
have made part of their contribution over the last 12 months
-- Among those Canadians planning to make a contribution before
the deadline, more than half (51 per cent) say they are likely
to wait until the last 48 hours
"Everyone's busy, but the time you spend assessing your savings options
is an investment in your future and this is the week to make it a
priority if you haven't yet made your contribution," said Christina
Kramer, Executive Vice President, Retail Distribution and Channel
Strategy, CIBC. "There is still time left before the deadline to sit
down with an advisor and talk about which retirement savings option is
right for you."
Younger Canadians more likely to procrastinate
Among those most likely to leave their RRSP contribution to the last
minute are Canadians aged 25 - 44, with 40 per cent saying they still need to make a contribution before the March 1(st) deadline. With so many Canadians in this age group leaving their
contribution to the last minute, some may simply run out of time and
miss the deadline at the end of this week.
"Canadians balancing debt and savings need to consider both sides of
their finances when making decisions about retirement savings, which is
what makes it even more important to spend some time evaluating their
options before the deadline," added Ms. Kramer.
For those Canadians leaving their RRSP contributions to this week, there
are options available to help make that last minute deposit. Clients
can visit cibc.com to find a branch close to their home or work, or find out how to
contribute online or by phone, 24 hours a day.
To help manage your last minute RRSP contributions, CIBC offers the
following tips:
Visit your nearest CIBC branch to meet with an Advisor: An advisor can also help to identify opportunities to build savings and
structure a repayment plan that allows for debt reduction, both key
elements of a long term retirement strategy. You can locate your
nearest CIBC branch through the branch locator tool at www.cibc.com simply by entering your postal code.
Contribute by Phone: 24 hours a day, you can call 1-800-465-CIBC (2422) to discuss your RRSP
options over the phone and make a contribution from an existing CIBC
account.
Make your Contribution Online: CIBC clients can log into CIBC Online Banking at www.cibc.com to deposit funds to an RRSP from an existing CIBC account before the
deadline.
Contribute regularly: Even if you find yourself short on funds this year, now is the time to
start making regular contributions to your retirement plan.
Contributing smaller amounts more often is easier than coming up with
one lump sum, so that you don't find yourself in the same position
before next year's RRSP deadline.
KEY POLL FINDINGS
Percentage of Canadians who still have to make an RRSP contribution
before the March 1, 2013 deadline for the 2012 tax year, by region:
National 32%
Atlantic Canada 26%
Quebec 30%
Ontario 32%
Manitoba and Saskatchewan 31%
Alberta 34%
British Columbia 33%
Percentage of Canadians who still have to make an RRSP contribution
before the March 1, 2013 deadline for the 2012 tax year, by age:
National 32%
18-24 years old 38%
25-34 years old 45%
35-44 years old 34%
45-54 years old 36%
55-64 years old 21%
65+ 14%
Percentage of Canadians (under 72 years of age) who have contributed to
a TFSA so far in 2013, by region:
National 23%
Atlantic Canada 20%
Quebec 20%
Ontario 25%
Manitoba and Saskatchewan 23%
Alberta 20%
British Columbia 23%
*Each week, Harris/Decima interviews just over 1000 Canadians through
teleVox, the company's national telephone omnibus survey. These data
were gathered in a sample of 855 RRSP eligible Canadians between
February 14 - 17, 2013. A sample ofthis size has a margin of error of
+/-3.4%, 19 times out of 20.
CIBC is a leading North American financial institution with nearly 11
million personal banking and business clients. CIBC offers a full range
of products and services through its comprehensive electronic banking
network, branches and offices across Canada, and has offices in the
United States and around the world. You can find other news releases
and information about CIBC in our Press Centre on our corporate website
at www.cibc.com.
SOURCE: CIBC
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2013/25/c8016.html
SOURCE: CIBC
SOURCE: Canadian Imperial Bank of Commerce
Sean Hamilton, 416-304-8456,sean.hamilton@cibc.com
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